Required information The following information applies to the questions displayed below On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $280,000, 7 percent bond issue for $261,214. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. Required: 1.& 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the issuance of bonds for $261,214 with a face value of $280,000. Note: Enter debits before credits Date General Journal Debit Credit January 01 Record entry Clear entry View general journal Journal entry worksheet 2 Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal